Northgate Technologies prices GDR at US$ 8.20

Northgate Technologies Ltd has announced that the Company has priced its US$ 30 million GDRs offering on the Luxembourg Stock Exchange ("LuxSE") at US$ 8.20 per GDR. The GDRs will also be admitted to trading on the Euro MTF Market on the LuxSE and will be quoted on the International Order Book of the London Stock Exchange. The GDRs are expected to be eligible for trading by QIBs in the PORTAL Market, a subsidiary of THE NASDAQ Stock Market, Inc. in the United States.

Each GDR represents 1/2 of one equity share of the Company of nominal value of Rs 10 each. Citigroup Global Markets Ltd ("Citigroup") acted as the sole bookrunner and lead Manager for the offering.

Based on the authority granted to Directors by the members' resolution dated August 01, 2007, the Company has executed the Purchase Agreement with Citigroup.

A meeting of the Board of Directors of the Company will be held on October 23, 2007 to consider and approve the issue and allotment of shares underlying the GDRs.

The stock closed the day at Rs.642.65, down by Rs.33.60 or 4.97%. The stock hit an intraday high of Rs.692 and low of Rs.642.45.

The total traded quantity was 19217 compared to 2 week average of 27804.

Source : Equity Bulls

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